What Business Expenses Can I Claim?

Understanding what expenses are allowable by the Inland Revenue can be confusing and frustrating. Mistakes calculating taxes can be costly, with fees and fines costing as much as the back tax owed, not to mention the possibility of time in prison if you are found guilty of tax evasion!

Fortunately, working with an umbrella company can relieve the freelance contractor of those headaches by absorbing the paperwork and the responsibility for compliance. You simply hand over your paperwork and receipts; the company does the rest, leaving you assured that you won’t run afoul of compliance regulations. Using an umbrella company allows you to maximize your allowable expenses while ensuring compliance. By filtering claims, the company helps protect clients from tax evasion accusations.

Claims must be supported with receipts, and should be incurred wholly, exclusively and necessarily in performing the duties of the particular job. Allowable claims include meals (but only in certain circumstances), necessary travel, and other incidentals. In general, there are two types of (Read More….)